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Macerich
(NYSE:MAC)
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Rating:62Neutral
Price Target:
$27.00
▲(21.08% Upside)
Action:Reiterated
Date:06/29/26
MAC’s score reflects a favorable setup from technical momentum and a generally positive earnings-call outlook driven by leasing traction and pipeline visibility. Offsetting these strengths are weak underlying profitability, a sharp TTM revenue decline, and constrained financial flexibility from elevated leverage, which together cap the overall score despite positive cash flow.
Positive Factors
Leasing Momentum
Consistently strong leasing (1.6M sq ft, large share new) materially raises re-leasing velocity and future cash flows. Durable leasing success fills vacancies, accelerates rent roll and SNO flow-through to NOI, underpinning sustainable income growth as retail demand normalizes.
Negative Factors
Elevated Leverage
High leverage (net debt/EBITDA ~7.8x) constrains financial flexibility and increases interest expense sensitivity to rate moves. This limits the firm's ability to invest, raises refinancing risk on maturities, and makes execution of growth or turnaround plans dependent on asset sales or equity issuance.
Read all positive and negative factors
Positive Factors
Negative Factors
Leasing Momentum
Consistently strong leasing (1.6M sq ft, large share new) materially raises re-leasing velocity and future cash flows. Durable leasing success fills vacancies, accelerates rent roll and SNO flow-through to NOI, underpinning sustainable income growth as retail demand normalizes.
Read all positive factors
Macerich Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down the company’s revenue by business line — rental income, percentage rents, property management and services, development or asset sales, and other fees. For Macerich, the mix reveals how reliant cash flow is on recurring mall rents versus one-time property transactions and highlights exposure to foot traffic, anchor-tenant health, and e-commerce pressure. Use this to assess revenue stability, redevelopment or leasing upside, and risk from vacancies or tenant weakness.
Breaks down the company’s revenue by business line — rental income, percentage rents, property management and services, development or asset sales, and other fees. For Macerich, the mix reveals how reliant cash flow is on recurring mall rents versus one-time property transactions and highlights exposure to foot traffic, anchor-tenant health, and e-commerce pressure. Use this to assess revenue stability, redevelopment or leasing upside, and risk from vacancies or tenant weakness.
Data provided by:
The Fly
The FlyMacerich (MAC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.97B
Dividend Yield3.61%
Average Volume (3M)3.75M
Price to Earnings (P/E)―
Beta (1Y)1.18
Revenue Growth-2.56%
EPS Growth60.74%
CountryUS
Employees615
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)-0.71
Shares Outstanding283,461,180
10 Day Avg. Volume4,799,426
30 Day Avg. Volume3,747,678
Financial Highlights & Ratios
PEG Ratio9.47
Price to Book (P/B)1.93
Price to Sales (P/S)4.67
P/FCF Ratio14.73
Enterprise Value/Market Cap1.65
Enterprise Value/Revenue11.42
Enterprise Value/Gross Profit54.22
Enterprise Value/Ebitda29.04
Forecast
1Y Price Target
$25.14Price Target Upside12.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)-0.14
Revenue Forecast (FY)$981.83M
Macerich Business Overview & Revenue Model
Company Description
Macerich operates as a comprehensive, self-managed real estate investment trust (REIT) that independently oversees all aspects of its operations. Its core focus is on the acquisition, leasing, management, development, and revitalization of regiona...
How the Company Makes Money
Macerich makes money primarily from real estate operations as a mall-focused REIT. Its core revenue stream is rental income from tenants that lease space in its properties, typically structured as base (minimum) rent plus additional rent component...
Macerich Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call presents strong operational and leasing momentum: record sales per square foot, robust leasing volume (1.6M sq ft signed, 700k sq ft new), an accretive acquisition (Annapolis), visible SNO pipeline ($116M of $140M target), improved liquidity and meaningful disposition progress (~$1.3B closed). Short-term challenges include modest Q1 NOI growth (weather-impacted), elevated leverage (net debt/EBITDA 7.76x) and one loan in default, plus timing risks tied to remaining lease commencements and remaining dispositions. Overall, the positives — particularly the leasing traction, pipeline visibility, balance sheet actions and accretive portfolio moves — outweigh the near-term financing and timing headwinds.Positive Updates
FFO and Earnings
FFO as adjusted of approximately $92 million, or $0.34 per diluted share for Q1 2026.
Negative Updates
Modest Q1 NOI Growth and Weather Impact
Q1 go-forward portfolio centers NOI growth was modest at 1.2% YoY; winter weather increased SNO removal and related expenses at East Coast properties and reduced NOI growth by ~50 basis points.
Read all updates
Q1-2026 Updates
Positive
Negative
FFO and Earnings
FFO as adjusted of approximately $92 million, or $0.34 per diluted share for Q1 2026.
Read all positive updates
Company Guidance
The company guided to at least 3% go‑forward NOI growth for full‑year 2026 (back‑end weighted) and reiterated its Path Forward targets: a $140M cumulative SNO pipeline (current contracted SNO $116M, ~80% flow‑through) expected to contribute ~$30M in 2026 (back‑end weighted), $40–45M in 2027 and $45–50M in 2028; leasing 1,000 new units (≈25% of go‑forward space) with the leasing speedometer at ~83% (81% at quarter end), 250 leases remaining (125 LOIs, 125 prospecting), an ELC approval run‑rate ~100 deals/quarter (103 approved in Q1) and Q1 leasing of 1.6M sq ft (700k new) with 225k sq ft of new store openings; Q1 results included FFOa $0.34 (~$92M), go‑forward portfolio sales $941/sq ft (company sales $899/sq ft, +$18 QoQ), Q1 go‑forward NOI +1.2%, total occupancy 93.4% (‑60 bps), go‑forward occupancy 94.5% and current physical permanent occupancy ~84% with a target of 88–89%; balance‑sheet and transaction guidance included Annapolis acquisition ($260M + $12M parcel) accretive ≈$0.04 to 2028 FFO with year‑1 NOI ≈$29M (~10.5% initial yield to >11% stabilized at ~$33M), liquidity ≈$780M (≈$650M revolver capacity), revolver upsized to $900M at 190 bps over SOFR (can step down to 135–165 bps), net debt/adjusted EBITDA 7.76x with a target in the low‑to‑mid 6x range, and ~$1.3B of dispositions completed toward a ~$2B plan (expecting an additional $300–400M this year to reach ≈$1.7B).Macerich Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
42
Neutral
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.01B | 1.02B | 918.20M | 884.07M | 859.16M | 847.44M |
| Gross Profit | 212.56M | 387.47M | 487.94M | 489.18M | 468.81M | 466.55M |
| EBITDA | 396.81M | 404.93M | 326.90M | 190.72M | 454.96M | 540.19M |
| Net Income | -183.38M | -197.15M | -194.12M | -274.06M | -66.07M | 14.26M |
Balance Sheet | ||||||
| Total Assets | 8.19B | 8.37B | 8.57B | 7.51B | 8.09B | 8.35B |
| Cash, Cash Equivalents and Short-Term Investments | 51.13M | 43.01M | 89.86M | 94.94M | 100.32M | 112.45M |
| Total Debt | 5.06B | 5.20B | 5.06B | 4.31B | 4.50B | 4.61B |
| Total Liabilities | 5.68B | 5.84B | 5.72B | 4.99B | 5.14B | 5.17B |
| Stockholders Equity | 2.44B | 2.45B | 2.76B | 2.45B | 2.87B | 3.05B |
Cash Flow | ||||||
| Free Cash Flow | 294.65M | 321.60M | 283.44M | 295.50M | 337.51M | 286.37M |
| Operating Cash Flow | 348.72M | 321.60M | 283.44M | 295.50M | 337.51M | 286.37M |
| Investing Cash Flow | -336.07M | -325.34M | 19.79M | 52.54M | -1.40M | 234.97M |
| Financing Cash Flow | -86.39M | 199.22M | -316.05M | -338.89M | -321.94M | -837.02M |
Macerich Technical Analysis
Positive
22.30
Price Trends
22.61
Positive
20.94
Positive
19.17
Positive
Market Momentum
0.81
Negative
68.42
Neutral
91.31
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MAC, the sentiment is Positive. The current price of 22.3 is below the 20-day moving average (MA) of 23.89, below the 50-day MA of 22.61, and above the 200-day MA of 19.17, indicating a bullish trend. The MACD of 0.81 indicates Negative momentum. The RSI at 68.42 is Neutral, neither overbought nor oversold. The STOCH value of 91.31 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MAC.
Macerich Risk Analysis
Macerich disclosed 38 risk factors in its most recent earnings report. Macerich reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Macerich Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $10.87B | 21.57 | 15.55% | 4.38% | 7.43% | 65.72% | |
72 Outperform | $17.46B | 29.41 | 5.90% | 5.02% | 4.01% | 13.27% | |
70 Outperform | $5.87B | 46.02 | 5.05% | 3.52% | 9.06% | 59.27% | |
68 Neutral | $5.94B | 21.98 | 9.22% | 4.55% | -3.59% | 1197.42% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $6.97B | ― | -7.35% | 3.61% | -2.56% | 60.74% | |
42 Neutral | $833.85K | >-0.01 | 20.26% | ― | -4.01% | 99.98% |
* Real Estate Sector Average
MAC
Macerich
25.83
10.19
65.20%
KIM
Kimco Realty
25.89
5.81
28.95%
KRG
Kite Realty Group
29.23
7.77
36.20%
FRT
Federal Realty
125.08
34.25
37.72%
WHLR
Wheeler Real Estate Investment
1.52
-2,180.08
-99.93%
PECO
Phillips Edison & Company
42.34
8.53
25.22%
Macerich Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Macerich Expands Equity Financing Through Additional Share Offering
Positive
Jun 29, 2026
On June 17, 2026, Macerich closed an offering of 14,000,000 common shares via forward sale agreements with a syndicate of major underwriters, and on June 23, 2026, the banks exercised in full a 30-day option for an additional 2,100,000 shares at $...
Business Operations and StrategyPrivate Placements and Financing
Macerich Announces Common Stock Offering via Forward Sale
Positive
Jun 17, 2026
On June 15, 2026, The Macerich Company entered into an underwriting and forward sale framework with a syndicate of major banks for an offering of 14 million shares of common stock, with a 30-day option for underwriters to purchase up to 2.1 millio...
Executive/Board ChangesShareholder Meetings
Macerich Shareholders Reelect Board, Approve Pay and Auditor
Positive
Jun 3, 2026
At its annual meeting of stockholders held on June 1, 2026, The Macerich Company’s shareholders elected eight directors to serve until the next annual meeting, reaffirming the current board’s oversight of the retail-focused real estate...
Business Operations and Strategy
Macerich Updates Investor Presentation, Reinforces Path Forward Strategy
Positive
Jun 1, 2026
On June 1, 2026, Macerich released an updated investor presentation outlining its business profile and the latest iteration of its Path Forward Plan, highlighting a concentrated portfolio of high-quality regional malls and strong performance metri...
Business Operations and StrategyPrivate Placements and Financing
Macerich Completes Equity Offering to Fund Mall Acquisition
Positive
May 13, 2026
On May 13, 2026, The Macerich Company completed a public offering of 22,080,000 shares of common stock at $21.00 per share, with underwriters exercising in full a 30-day option to purchase an additional 2,880,000 shares. The transaction, conducted...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Macerich Narrows Loss and Advances Growth, Path Plan
Positive
May 6, 2026
For the first quarter ended March 31, 2026, Macerich narrowed its net loss to $36.4 million, or $0.14 per diluted share, from a $50.1 million loss a year earlier, largely due to gains on asset sales and write-downs. Funds from operations (FFO), as...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.